It is critical that staff be trained on the increasingly complex forms-related issues that challenge them each busy season. This course will help experienced staff avoid costly mistakes by addressing advanced preparation issues when dealing with flow-through entities such as S corporations, LLCs, and partnerships. This course has been updated for impacts of the Protecting Americans Against Tax Hikes (PATH) Act of 2015.

CPAs who are involved in planning, preparing, or reviewing complex returns

Prerequisite

Basic- to intermediate-level experience in preparing Forms 1120S and 1065

Fees:

Early Bird

Standard

Member

N/A

$219

Non-Member:

N/A

$269

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description
It is critical that staff be trained on the increasingly complex forms-related issues that challenge them each busy season. This course will help experienced staff avoid costly mistakes by addressing advanced preparation issues when dealing with flow-through entities such as S corporations, LLCs, and partnerships. This course has been updated for impacts of the Protecting Americans Against Tax Hikes (PATH) Act of 2015.

Major Topics

Advanced Technical Practice Issues

How the Affordable Care Act affects tax returns

Unreasonable uses of the traditional and curative allocation methods

Multiple layers of §704(c) allocations

Converting a general partnership into an LLC

Capital account adjustments with admission of new member/partner

Special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality

Determining substantiality and "some help, no hurt" allocations

Determining self-employment taxable income, new regulations?

Property with §754 adjusted basis subsequently contributed to another partnership or corporation

Taxable distribution in excess of basis and reporting issues to shareholders

Proper handling of accrued expenses payable to a shareholder

Update on new regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules * How §179 limitations affect partnership, LLC, and S corporation basis